Australia's $118 billion sovereign wealth fund has been recognised for its restrained decision not to increase risk to chase returns in 2015, collecting sovereign investor of the year at the 2016 Central Banking Awards.

Managing director of the Future Fund, David Neal, said fund had to make certain it was not brought in to financial crisis aftershocks.

"While the global economy has continued to heal following the 2008-09 financial crisis, significant imbalances persist and the potential for missteps and shocks remains," Neal said.

"We generally see prospective returns to investors being lower than in recent years and we are continuing our disciplined investment approach while striving to be nimble and innovative in identifying and accessing opportunities.

"This means we need to continue to develop and motivate a strong, skilled and aligned team and create value-adding partnerships with our external partners."

Chair of the Central Banking Awards committee and editor-in-chief of Central Banking Journal, Christopher Jeffery said the Future Fund "took the restrained decision not to increase its risks to chase returns in 2015."

"Instead, it focused on improving its operational framework and improved the speed that it can access complex investment opportunities on a comparable basis across a range of asset classes in public and private markets," Jeffery said.

"It has emerged as a role model for other sovereign funds grappling with similar challenges."

Future Fund chair Peter Costello said the award was a credit to all those who work for the fund and it's something Australians can be proud of, as the fund invests public money on their behalf.

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